This report contains information regarding assets pledged as security (the Cover Pool) in respect of the obligations under the Covered Bonds issued under RBC's Global Covered Bond Programme as of the indicated Calculation Date. The composition of the Cover Pool will change as Loans are added and removed from the Cover Pool from time to time and, accordingly, the characteristics and performance of the Loans in the Cover Pool will vary over time. Certain of the information set forth in this report, including credit bureau scores, current ratings and "The Teranet-National Bank House Price Index™" Methodology has been obtained from and is based upon sources believed by RBC and the Guarantor LP to be accurate, however, neither RBC nor the Guarantor LP makes any representation or warranty, express or implied, in relation to the accuracy, completeness or reliability of such information or assumes any liability for any errors or any reliance you place on such information. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. The information contained in this report does not constitute an invitation or recommendation to invest or otherwise deal in, or an offer to sell or the solicitation of an offer to buy or subscribe for, any security, which will be made only by a prospectus or otherwise in accordance with applicable securities laws. Reliance should not be placed on the information herein when making any decision to buy, hold or sell any security or for any other purpose.

THESE COVERED BONDS HAVE NOT BEEN APPROVED OR DISAPPROVED BY CANADA MORTGAGE HOUSING CORPORATION (CMHC) NOR HAS CMHC PASSED UPON THE ACCURACY OR ADEQUACY OF THIS REPORT. THE COVERED BONDS ARE NOT INSURED OR GUARANTEED BY CMHC OR THE GOVERNMENT OF CANADA OR ANY OTHER AGENCY THEREOF.

The Cover Pool is owned by RBC Covered Bond Guarantor Limited Partnership (Guarantor LP), which has no liabilities or claims outstanding against it other than those relating to the RBC Covered Bond Programme. Please click on the link below for additional information about the RBC Covered Bond Programme and the information contained herein. For the meaning of capitalized terms used and not otherwise defined in this report, click the following link

and go to the Glossary tab in the Monthly Investor Report section:http://www.rbc.com/investorrelations/fixed_income/covered-bonds-terms.html

In this report, currency amounts are stated in Canadian dollars ("$"), unless otherwise specified.

Programme Information

Outstanding Covered Bonds

Initial

C$

Final

Series

Principal Amount

Translation Rate

Equivalent

Maturity Date(1)

Interest Basis

Rate Type

CB2

€ 1,250,000,000

1.5070000 C$/€

$1,883,750,000

1/22/2018

4.625%

Fixed

CB6

$1,100,000,000

N/A

$1,100,000,000

3/30/2018

3.770%

Fixed

CB7

CHF 500,000,000

1.1149700 C$/CHF

$557,485,000

4/21/2021

2.250%

Fixed

CB11

€ 2,000,000,000

1.3650000 C$/€

$2,730,000,000

8/4/2020

1.625%

Fixed

CB13

US$2,000,000,000

1.0300000 C$/US$

$2,060,000,000

10/1/2018

2.000%

Fixed

CB14

€ 1,500,000,000

1.4175000 C$/€

$2,126,250,000

10/29/2018

1.250%

Fixed

CB15

€ 1,000,000,000

1.4694000 C$/€

$1,469,400,000

6/19/2019

0.750%

Fixed

CB16

AU$750,000,000

1.0024000 C$/AU$

$751,800,000

9/23/2019

3 month BBSW +0.57%

Floating

CB17

US$1,750,000,000

1.0972000 C$/US$

$1,920,100,000

9/23/2019

2.200%

Fixed

CB18

US$2,000,000,000

1.2520000 C$/US$

$2,504,000,000

2/5/2020

1.875%

Fixed

CB19

$1,500,000,000

N/A

$1,500,000,000

3/23/2020

3 month BA +0.36%

Floating

CB20

$700,000,000

N/A

$700,000,000

3/23/2020

1.590%

Fixed

CB21

€ 1,000,000,000

1.3870000 C$/€

$1,387,000,000

6/17/2022

0.875%

Fixed

CB22

€ 279,500,000

1.4017000 C$/€

$391,775,150

7/21/2031

1.652%

Fixed

CB23

£400,000,000

1.9872000 C$/£

$794,880,000

7/20/2018

3 month £ Libor +0.28%

Floating

CB24

US$500,000,000

1.2986000 C$/US$

$649,300,000

7/23/2018

3 month USD LIBOR +0.30%

Floating

CB25

€ 1,250,000,000

1.4899000 C$/€

$1,862,375,000

12/16/2020

0.500%

Fixed

CB26

US$1,750,000,000

1.3027000 C$/US$

$2,279,725,000

10/14/2020

2.100%

Fixed

CB27

€ 410,500,000

1.4525000 C$/€

$596,234,800

12/15/2034

1.616%

Fixed

CB28

€ 100,000,000

1.5370000 C$/€

$153,700,000

1/14/2036

1.625%

Fixed

CB29

£350,000,000

1.8915000 C$/£

$662,025,000

3/11/2019

3 month £ Libor +0.50%

Floating

CB30

€ 1,500,000,000

1.4808000 C$/€

$2,221,200,000

3/11/2021

0.125%

Fixed

CB31

US$1,750,000,000

1.3266000 C$/US$

$2,321,550,000

3/22/2021

2.300%

Fixed

CB32

$2,000,000,000

N/A

$2,000,000,000

4/26/2019

1.400%

Fixed

CB33

£100,000,000

1.7199000 C$/£

$171,990,000

9/14/2021

3 month £ ICE Libor +0.40%

Floating

CB34

£500,000,000

1.6401000 C$/£

$820,050,000

12/22/2021

1.125%

Fixed

Total

$35,614,589,950

OSFI Covered Bond Limit

$45,271,803,240

Weighted average maturity of Outstanding Covered Bonds (months)

32.74

Weighted average remaining term of Loans in Cover Pool (months)

25.25

Series Ratings

Moody's

DBRS

Fitch

CB2

Aaa

AAA

AAA

CB6

Aaa

AAA

AAA

CB7

Aaa

AAA

AAA

CB11

Aaa

AAA

AAA

CB13

Aaa

AAA

AAA

CB14

Aaa

AAA

AAA

CB15

Aaa

AAA

AAA

CB16

Aaa

AAA

AAA

CB17

Aaa

AAA

AAA

CB18

Aaa

AAA

AAA

CB19

Aaa

AAA

AAA

CB20

Aaa

AAA

AAA

CB21

Aaa

AAA

AAA

CB22

Aaa

AAA

AAA

CB23

Aaa

AAA

AAA

CB24

Aaa

AAA

AAA

CB25

Aaa

AAA

AAA

CB26

Aaa

AAA

AAA

CB27

Aaa

AAA

AAA

CB28

Aaa

AAA

AAA

CB29

Aaa

AAA

AAA

CB30

Aaa

AAA

AAA

CB31

Aaa

AAA

AAA

CB32

Aaa

AAA

AAA

CB33

Aaa

AAA

AAA

CB34

Aaa

AAA

AAA

(1) An Extended Due for Payment Date twelve-months after the Final Maturity Date has been specified in the Final Terms of each Series. The Interest Basis specified in this report in respect of each Series applies until the Final Maturity Date for the relevant Series following which the floating rate of interest specified in the Final Terms of each Series is payable monthly in arrears from the Final Maturity Date to but excluding the Extended Due for Payment Date.

(1) The Paying Agent in respect of Series CB7 is Credit Suisse AG. The Paying Agent in respect of Series CB6, Series CB19, Series CB20 and Series CB32 is Royal Bank of Canada.

Royal Bank of Canada's Ratings(1)

Moody's

DBRS

Fitch

Senior Debt / Long-Term Issuer Default Rating (Fitch)

A1

AA

AA

Short-Term Debt / Short-Term Issuer Default Rating (Fitch)

P-1

R-1 (high)

F1+

Deposit Rating ("dr") (Short-Term/Long-Term)

P-1 (dr) / A1 (dr)

n/a

*

Counterparty Risk Assessment (Short-Term/Long-Term)

P-1 (cr) / Aa3 (cr)

n/a

n/a

Derivative Counterparty Rating (Short-Term/Long-Term)

n/a

n/a

*

Rating Outlook

Negative

Stable

Stable

Applicable Ratings of Standby Account Bank & Standby GDA Provider(1)

Moody's

DBRS

Fitch

Senior Debt / Long-Term Issuer Default Rating (Fitch)

A1

AA

AA-

Short-Term Debt / Short-Term Issuer Default Rating (Fitch)

P-1

R-1 (high)

F1+

Deposit Rating (Short-Term/Long-Term)

P-1 (dr) / A1 (dr)

n/a

*

Description of Ratings Triggers(2) (3)

A. Party Replacement

If the rating(s) of the Party falls below the level stipulated below, such party is required to be replaced or in the case of the Swap Providers (i) transfer credit support and (ii) replace itself or obtain a guarantee for its obligations.

Role (Current Party)

Moody's

DBRS

Fitch

Account Bank/GDA Provider (RBC)

P-1 (dr) & A2 (dr)

R-1 (low) & A

F1 & A-(4)

Standby Account Bank/GDA Provider (BMO)

P-1 (dr) & A2 (dr)

R-1 (low) & A

F1 & A-(4)

Cash Manager (RBC)

P-2 (cr)

BBB (low) (long)

F2 & BBB+(5)

Servicer (RBC)

Baa3 (cr)

BBB (low) (long)

F2 & BBB+(5)

Interest Rate Swap Provider (RBC)

P-2 (cr) & A3 (cr)

R-2 (middle) & BBB

F2 & BBB+(5)

Covered Bond Swap Provider (RBC)

P-2 (cr) & A3 (cr)

R-2 (middle) & BBB

F2 & BBB+(5)

B. Specified Rating Related Action

i. The following actions are required if the rating of the Cash Manager (RBC) falls below the stipulated rating

Moody's

DBRS

Fitch

(a) Asset Monitor is required to verify the Cash Manager's calculations of the Asset Coverage/Amortization test on each Calculation Date

Baa3 (cr)

n/a

BBB (long)(5)

(b) Amounts received by the Cash Manager are required to be deposited directly into the Transaction Account

P-1 (dr)

BBB (low)

F1 & A-(4)

(c) Amounts received by the Servicer are to be deposited directly to the GIC Account and not provided to the Cash Manager

P-1 (dr)

BBB (low)

F1 & A-(4)

ii. The following actions are required if the rating of the Servicer (RBC) falls below the stipulated rating

Moody's

DBRS

Fitch

a) Servicer is required to hold amounts received in a separate account and transfer them to the Cash Manager or GIC Account, as applicable, within 2 business days

P-1 (dr)

BBB (low)

F1 & A-(4)

iii. The following actions are required if the rating of the Issuer (RBC) falls below the stipulated rating

Moody's

DBRS

Fitch

(a) Establishment of the Reserve Fund

P-1(cr)

R-1 (mid) & A (low)

F1 & A-(4)

iv. The following actions are required if the rating of the Issuer (RBC) falls below the stipulated rating

Moody's

DBRS

Fitch

(a) Cash flows will be exchanged under the Covered Bond Swap Agreement (to the extent not already occurring) except as otherwise provided in the Covered Bond Swap Agreement

Baa1 (long)(6)

BBB (high) (long)

BBB+ (long)(6)

v. Each Swap Provider is required to replace itself, transfer credit support or obtain a guarantee of its obligations if the rating of such Swap Provider falls below the specified rating

(1) "*" indicates that Fitch has not yet assigned the relevant rating or assessement.

(2) Where one rating or assessment is expressed, unless otherwise specified, such rating or assessment is short-term. Where two ratings or assessments are expressed, the first is short-term and the second is long-term. Unless otherwise specified, ratings or assessments are in respect of Senior Debt (or the Long-Term Issuer Default Rating in the case of Fitch) and Short-Term Debt (or the Short-Term Issuer Default Rating in the case of Fitch). Where two ratings or assessments are listed in respect of a relevant action, the action is required to be taken where the rating or assessment of the relvevant party falls below both such ratings or assessments.

(3) The discretion of the Guarantor LP to waive a required action upon a Rating Trigger may be limited by the terms of the Transaction Documents.

(4) These ratings will be in respect of deposit ratings from Fitch following Fitch having assigned deposit ratings to the relevant party.

(5) These ratings will be in respect of Derivative Counterparty Ratings from Fitch and include the (dcr) reference following Fitch having assigned Derivative Counterparty Ratings to the relevant party.

(6) Following the date the final Government of Canada regulations of the Covered Bond Swap Provider's bank recapitalization or "bail-in" regime" come into force, the Moody's assessment will be Baa1(cr) and, if at such time, Fitch has assigned Derivative Counterparty Ratings to the Covered Bond Swap Provider, the Fitch rating will be BBB+(dcr).

(1) Value as most recently determined or assessed in accordance with the underwriting policies (whether upon origination or renewal of the Eligible Loan or subsequently thereto).

(2) Value as determined by adjusting, not less than quarterly, the Original Market Value for each Property subject to the Related Security in respect of a Loan utilizing the Housing Price Index Methodology for subsequent price developments. See Appendix under "Housing Price Index Methodology" for details.

Disclaimer: Due to rounding, numbers presented in the following distribution tables may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

The Market Value of the Properties used in calculating the Asset Coverage Test, the Valuation Calculation and the Amortization Test (except in respect of Calculation Dates prior to June 30, 2014) and for other purposes required by the Guide is adjusted, at least quarterly, for subsequent price developments with respect to the Property subject to the Related Security in respect of each such Loan by adjusting the Latest Valuation for such Property by a rate of change determined by the Index (as described below).

The Teranet-National Bank House Price Index™ Composite 11 (the Index) is an independently developed representation of monthly average home price changes in the following eleven Canadian metropolitan areas: Victoria, Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Ottawa, Montréal, Québec and Halifax. These metropolitan areas are combined to form the Index. The Index is the weighted average of these eleven metropolitan areas.

Further details on the Index including a description of the method used to calculate the Index is available atwww.housepriceindex.ca.

A three-step process is used to determine the Market Value for each Property subject to the Related Security in respect of a Loan. First, a code (the Forward Sortation Area (FSA)) which identifies the location of the Property is compared to corresponding codes maintained by Teranet Inc. to confirm whether the property is located within any of the 11 Canadian metropolitan areas covered by the Index. Second, to the extent an FSA match is not found, the name of the city in which such Property is located is used to confirm whether such city matches any of the Canadian metropolitan areas covered by the Index. The Market Value is then determined by adjusting the Latest Valuation for such Property, at least quarterly, by the rate of change for the corresponding Canadian metropolitan area, and where there is no corresponding Canadian metropolitan area, the rate of change indicated in the Index, from the date of the Latest Valuation to the date on which the Latest Valuation is being adjusted for purposes of determining the Market Value for such Property. Where the Latest Valuation in respect of such Property pre-dates the first available date for the relevant rate of change in the Index, the first available date for such rate of change is used to determine the rate of change to apply to adjust the Latest Valuation for purposes of determining the Market Value for such Property. Such adjusted Market Value is the adjusted Original Market Value referred to in footnote 2 on page 4 of the Investor Report.

The Issuer and the Guarantor LP may from time to time determine to use a different index or indices or a different indexation methodology to adjust the Latest Valuation for subsequent price developments to determine Market Value for example, to obtain rates of changes in home prices for metropolitan or geographic areas not covered by the Index, to use an index or indices that the Issuer and Guarantor LP believe will produce better or more reliable results or that is more cost effective. Any such change in the Index or Index Methodology used to determine Market Value will be disclosed to Covered Bondholders and made in accordance with the definition of "Market Value" and "Index Methodology" in the Master Definition and Construction Agreement and be required to meet the requirements in the Guide, which include the requirement that any such change may only be made (i) upon notice to CMHC and satisfaction of any other conditions specified by CMHC in relation thereto, (ii) if such change constitutes a material change, subject to Rating Agency Confirmation, and (iii) if such change is materially prejudicial to the Covered Bondholders, subject to the consent of the Bond Trustee. In addition, the Issuer is required, pursuant to the Guide, to provide CMHC notice upon becoming aware of any change or proposed change in the method used to calculate the Index.

No website referred to herein forms part of the Investor Report, nor have the contents of any such website been approved by or submitted to CMHC or any other governmental, securities or other regulatory authority.

Risk Factors relating to the Indexation Methodology

The Issuer and the Guarantor LP believe that the following factors, although not exhaustive, could be material for the purpose of assessing risks associated with the use of the Index.

No recourse for errors in the data in the Index

The Issuer and the Guarantor LP have received written permission from the Index providers to use the Index. The data in the Index is provided on an "as is" basis and without any warranty as to the accuracy, completeness, non-infringement, originality, timeliness or any other characteristic of the data and the Index providers disclaim any and all liability with respect to such data. Neither the Issuer nor the Guarantor LP makes any representation or warranty, express or implied, in relation to the accuracy, completeness or reliability of such information or assumes any liability for any errors or reliance placed on such information. As a result, there will not be any recourse for investors, the Issuer or the Guarantor LP for any errors in the data in the Index relied upon to determine the Market Value in respect of any Property subject to the Related Security in respect of a Loan.

The actual rate of change in the value of a Property may differ from the rate of change used to adjust the Latest Valuation for such Property in determining its Market Value

The Index does not include a representation of changes in average home prices outside of the Canadian metropolitan areas that it covers and was developed as a representation of monthly average home price changes in the Canadian metropolitan areas that it does cover. While the Index uses data from single family properties, including detached, semi-detached, townhouse/row homes and condominium properties, it is being used to determine the Market Value of all Properties included as Related Security for Loans in the Covered Bond Portfolio, which may not correspond in every case to the categories included in the Index. The actual value of a Property subject to the Related Security in respect of each Loan may change at a rate that is greater than or less than the rate of change used to determine the Market Value for such Property. This discrepancy may be magnified when the Index is used to determine the Market Value for a Property outside of the Canadian metropolitan areas covered by the Index given factors that affect housing prices may vary significantly regionally from a national average or where the Index is used to determine Market Value for a Property in a category not covered by the Index and whose value is affected by factors that are different from those that affect the value of properties in the categories used by the Index. In addition, the methodology applied to produce the Index makes certain fundamental assumptions that impose difficulties in selecting or filtering the properties that are used to produce the Index due to a lack of information about the properties, which may result in such properties being excluded and may impact the accuracy of the representation of the rate of change in the Index.

The Index may not always be available in its current form or a different Index may be used to determine Market Value for a Property subject to Related Security in respect of a Loan

The Index providers may make a change to the method used to calculate the Index, the frequency with which the Index is published may change (such that the Index no longer meets the requirements in the Guide), or the Index may cease to be available to the Issuer and the Guarantor LP for determining the the Market Value of the Property subject to Related Security in respect of a Loan. In such circumstances, the Issuer and the Guarantor LP may or will need to select one or more new indices for determining Market Value of the Property subject to Related Security in respect of a Loan. The Issuer and the Guarantor LP may also determine at any time to use a different index or indices to adjust the Latest Valuation of the Property subject to Related Security in respect of a Loan for subsequent price developments to determine the Market Value of such Property, for example, to obtain rates of changes in home prices for metropolitan or geographic areas not covered by the Index, to use an index or indices that the Issuer and Guarantor LP believe will produce better or more reliable Market Value results or that is more cost effective. The use of any such new indices to adjust Latest Valuation could result in a significant change in the Market Value of the real property subject to the Related Security in respect of each Loan. See "Housing Price Index Methodology - Indexation Methodology".